SK’s Kakao Leads $15M Fundraiser for Israeli Public Startup

Orbs, the Israel-based Hybrid blockchain platform, has raised more than $15 million in digital currency thanks to South Korean messaging giant Kakao.

A representative from Kakao says that its investment unit has joined the funding attempt because it wants to invest and support innovative startups and Orbs is one good example of that.

The hybrid Blockchain startup is able to raise 139,000 Ether or roughly $12,371,000 and 892 Bitcoin or approximately $3,017,026 which equals around $15.4 million by the time of writing.

Orbs builds public Blockchain, which is a “universal” and “scalable” second layer for decentralized apps with “the liquidity of a base layer.”

Daniel Peled, the co-founder and CEO of Orbs, states that with the conclusion of the fundraising bid, Orbs can now further invest in research and continue to develop its core technology.

Peled points out that a huge chunk of the funds has been used for research and development to allow the growth of the ecosystem around the infrastructure.

The mainnet is expected to go live in April next year.

A blog post by Orbs dated December 13 indicates that the investment is an extension of its partnership with Kakao’s Blockchain subsidiary Ground X, which saw the two firms collaborating on Blockchain implementation and R&D initiatives.

Over the recent year, Orbs has been handling its fundraiser, at the same time converting several of the digital currency generated into fiat along the way to evade market drop starting January.

Peled explains that one thing that Orbs has done well is, be responsible with the funds, hedging most of it in fiat.

Based on present burn rate, he believes that Orbs now has an adequately “full coffers” to be able to operate seven more years without needing another fundraiser.